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US stocks open lower as European leaders meet

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Posted: May 23, 2012 11:05 AM
Source: Associated Press

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Topics: stock, money, economy, wall street

NEW YORK- Markets are swooning in Europe and the U.S. as investors become increasingly skeptical that European leaders will succeed at jump-starting the region's economy and preventing a messy exit from the euro by Greece.

The Dow Jones industrial average was down 164 points at 12,339 shortly before midday Wednesday.

The Standard & Poor's 500 index lost 17 points to 1,299. The Nasdaq composite fell 37 points to 2,802.

The euro fell to its lowest level against the dollar in nearly two years as confidence in Europe's common currency continued to erode. Stock markets in Europe and commodities prices also fell sharply.

European leaders are meeting to try and find a way to keep the region's debt crisis from spiraling out of control. They're also seeking ways to promote jobs and growth.

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